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Senate passes BIG climate change bill that cuts drug and energy costs, Internet calls it 'good work'

The bill must be approved by the Democratic-controlled House, which is expected to take up the legislation on Friday, August 12, before President Joe Biden can sign it into law

WASHINGTON, DC: The Senate passed Democrats' $750 billion health-care, tax-cut, and climate-change legislation on Sunday, August 7 afternoon, giving President Joe Biden and his party a significant victory. If signed into law, the Inflation Reduction Act would devote $369 billion to reducing greenhouse gas emissions and investing in renewable energy sources. Experts estimate that the bill's climate provisions will reduce US global-warming emissions by about 40% by 2030, compared to 2005 levels.

Democrats have promised that the bill will reduce healthcare costs for millions of Americans by allowing Medicare to negotiate prescription drug prices and blocking out-of-pocket prescription drug costs for Medicare recipients at $2,000 per year. Those who obtain health insurance through the Affordable Care Act marketplace can also expect lower premium costs. The proposed law includes a number of tax provisions to cover the costs of these policies, totaling $739 billion for the government and resulting in a $300 billion reduction in the overall public debt.

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“Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share,” Biden said in a statement celebrating the bill’s passage. “I ran for president promising to make government work for working families again, and that is what this bill does – period.”

To increase revenue, the bill would levy a 15% minimum tax on the income that large corporations report to shareholders, known as book income, rather than the Internal Revenue Service. The tax would apply to companies with profits of more than $1 billion and would raise $258 billion over a decade.

The final Senate vote was 51-50, with every Democrat voting in favor of the bill and every Republican voting against it. With the Senate evenly divided on whether the bill should be passed, Vice President Kamala Harris cast the deciding vote. Republicans slammed the legislation, dismissing Democrats' claims that it will help combat rising prices. According to a Moody's Analytics report, the bill will "modestly reduce inflation over the 10-year budget horizon."

House Democrats have rejected Republican criticism of the bill, insisting that it will be passed quickly and sent to Biden's office. The majority leader, Steny Hoyer, has stated that the House will reconvene on Friday, August 12, to consider the legislation, and Democrats do not require Republican votes to pass it. Nancy Pelosi, the House speaker, has promised that the chamber will move quickly once the Senate has given its approval to the bill.

The climate bill got positive reactions on the internet and was widely appreciated and approved by people. Senator Chuck Schummer wrote, "Lowering costs. Creating millions of jobs. Finally acting on climate. This bill is what the American people want. And Senate Democrats today delivered for the American people".

A user responded, "Thank you Chuck! The planet needed this desperately and you came through for us! BRAVO!!!!". Another user wrote, "Thank you. Over 20 years ago, Doc said my illness was caused by toxins. This bill is so important to so many people whose health has had negative impact from lawmakers who wouldn’t listen. Thsnk you for liatening & for @POTUS pushing for it, too". "Good work Senator. Keep the ball rolling", another user replied.

Former President Barack Obama also tweeted about the bill. He wrote, "Thanks to President Biden and Democrats in Congress, people’s bills will get smaller, their lives will get longer, and we’ll have a real shot at avoiding the worst impacts of climate change. That’s something Democrats everywhere can and should be proud of."

Senator Brian Schartz wrote, "We did it. We passed the biggest climate bill that any country has ever passed. It is the reason I came to the Senate. The fight goes on, but for the first time, the American government is taking action that is equal to this moment."